Globe Telecom's fintech unit is preparing what could be the Philippines' largest initial public offering, seeking to raise up to 92.3 billion pesos ($1.5 billion).
The company behind GCash, the country's dominant mobile wallet platform, filed IPO plans with Philippine regulators. The offering would surpass previous record IPOs in the nation, marking a significant milestone for the Southeast Asian financial technology sector.
GCash dominates the Philippine mobile payment landscape, serving millions of users for digital transactions, remittances, and financial services. The planned IPO reflects growing investor appetite for fintech companies in emerging markets.
The fundraising would support GCash's expansion into adjacent financial services, infrastructure development, and potential acquisitions. The timing aligns with accelerating digital payment adoption across the Philippines, where cash transactions remain prevalent but smartphone penetration continues rising.
Regulatory approval and market conditions will determine the IPO's final structure and timeline. The offering underscores the region's shift toward digital financial services and the valuation investors assign to established fintech players with large user bases.
Norway's sovereign wealth fund has objected to the reappointment of John Elkann to Meta's board of directors. Elkann currently chairs Stellantis and leads investment firm Exor.
SK Hynix opened at $170 on Nasdaq Friday, jumping 14% in its U.S. market debut. The South Korean chipmaker's $26.5 billion offering marks the largest IPO by a foreign company in U.S. history.
New York City is enacting the first law in the United States to prohibit deceptive subscription practices. The measure targets dark patterns and complex cancellation processes that trap consumers in unwanted services.
The Trump administration is relaxing export restrictions on the United Arab Emirates, allowing the Gulf state to purchase advanced semiconductors and other high-tech components for its artificial intelligence development.